Clean Up of Shed Collapse Bohemia River VIDEO

[whaler23]

What a mess, taking a lot of time to get these boats up. Biggest concern from what I hear is spillage of gas/diesel as they raise the sunk boats. My understanding is MDE (Maryland Dept of Environment) is constantly on site.

Hit the link below and scroll down slightly to watch. About 6 minutes.

http://www.sportfishermen.com/board/f17/bohemia-bay-yacht-harbour-roof-collapse-634351.html

 

[Walter P]

Thanks Scott. As the old saying goes "A picture is worth a thousand words". So what's the next step? Who is responsible for the damages including the enviromental work. After seeing that disaster on your excellent video I'm now certain that I would rather take my chances out in the open with a cover over the boat. Of course I'm also certain that some of the boat owners didn't shed a tear since now they are put in a position to take the insurance check and either buy another boat at a great price or rehab their older damaged boat compliments of mother nature.

Walt

 

[whaler23]

Sorry Walt, didn't mean to imply credit for shooting the video it was from another boat owner at the marina. My understanding of insurance is the following: Marina pays to rebuild shed. Boat owners (most of them) have Agreed Hull Value policies in place. In addition they have riders for environmental damage, one I know of is 1M, another is 3M. These components pay for the cleanup of the waters. The Marina Manager and MDE indicate that nothing has made it outside the marina to this point in terms of gas/diesel so cleanup costs if that is true will be reasonable. The issue I'm hearing about is which boat is leaking making that particular insurance company responsible for that part of the payout... That's where the fun begins I'm sure. I've heard that adjustors for the insurance companies want to be onsite when their insureds vessel is pulled to video the action and document anything leaking during removal and placed in on site storage. Sounds resonable, who knows. I also know of 2-3 examples where owners have Agreed Hull Values and NO GAP coverage policies. Not sure how the lenders let that one slide but Insurance will total the boat at agreed value, which is say 200K, but the owner is on hook to the lender for 300K with no GAP coverage. That hurts to say the least. We'll have to see how all this plays out.

 

[SeaEric]

How does a boat owner with a lien get away without having hull $ coverage for at least the loan $ balance? I thought the banks required that.

At current market values, most boats are over-insured at agreed values. In the Georgetown shed collapse, at least 3 of the boats were for sale. One of those 2 side by side Ocean SF boats at Bohemia looked familiar from YachtWorld. Both of those boats were bristol.

 

[whaler23]

Typically they do require it, I think as policies were renewed over the last year and Agreed Value dropped the banks either missed it or ignored it. The former is what I suspect plus I'm not sure if you can force a boatowner to purchase GAP coverage after the fact or not. I agree at current market value they may be over insured but now your not comparing the banks true exposure with a drastically reduced asset price similar to housing. And we all know very few banks have marked those assets down to market value and taken their losses, of course I'm not saying anyone wasn't current on their loan or in a repo situation which is when the bank may be forced to remark the asset, I don't know that.

 

[Jaxfishgyd]

What a sad sight... No boater ever wants to see something like that